Mediaboss Marketing

Your commitment to environmental, social and corporate governance (ESG) is a continuous journey. It is not something that you do and immediately achieve (the expected outcome). You have to perpetually keep contributing towards the betterment of environment and society, said Marico Founder & Chairperson Harsh Mariwala.

He was speaking on the topic of why brands should be purposeful in a fireside chat with exchange4media Group Founder & Chairperson Annurag Batra. The duo was discussing the importance of sustainability goals and Maricos commitment to them at the recently concluded Indian Marketing Awards event in Mumbai on Monday.

Speaking about Maricos commitment to the purpose-driven business, Mariwala shared, Marico started pursuing its purpose which is making a difference to all stakeholders including the shareholders, employees, and customers some 10-12 years ago. I was inspired by a book called Firms of Endearment' written by Jagdish Sheth, Raj Sisodia (and David Wolfe) wherein they talked about the power of good business and compared the financial performance of such businesses with those who do not follow the practices benefitting all stakeholders. And since then, we are committed to making each and every stakeholder a proud part of our business.

He added that each employee at Marico is motivated to go beyond what is expected of them to do something that creates a larger impact. We have also been sending members from our agency partners to our trainee programmes at our cost. The kind of motivation and bonding this creates is amazing and great for business growth.

On being asked about his thoughts on sustainability by Batra, Mariwala quipped that it has grown from being a business goal to a requisite.

ESG has been a topic of discussion across all companies board meetings and most boards are demanding (to know) what brands are doing on this front. In fact, even the new employees we have been hiring, their first question to us is about sustainability and what our business is doing towards it. Therefore, I believe that the change should come from within, for each individual. No amount of legal course can make that happen. If all shareholders demand this, all the companies will be forced to make the changes in a more effective manner.

Mariwala continued that while most people might still be looking at ESG as a cost function the paybacks are huge.

The duo also touched upon the growing entrepreneurial spirit in the country and how it will impact the future. Mariwala highlighted that the Indian entrepreneurship sector is growing like never before and the trend will continue with the advancement of technology. I read somewhere that India got more than 40 unicorns in the last year, a number which the country had earlier achieved in more than nine years. And I think we should not be talking about valuations because it is a concept that has been inculcated in the students and entrepreneurs who come from non-business families. Some of these businesses might not succeed too, but the motivation this growth is creating is the most important thing. And now with more mentorship programmes and shows like Shark Tank, I only see the entrepreneurship spirit growing in the country. We might keep complaining about the slow economic growth in the country but ultimately we are responsible for driving this growth. The government can create policies to best support the entrepreneurs but the innovation and ideas have to come from the community.

Read more news about (internet advertising India, internet advertising, advertising India, digital advertising India, media advertising India)

See the original post:
If all talk about sustainability, companies will be forced to make changes: Harsh Mariwala - Exchange4Media